May 22, 2025
Ministry of Finance
Japan-U.S. Finance Ministerial Meeting (May 21, 2025)
On May 21, from 10:40 till 11:10 [MST], Minister of Finance, and Minister of State for Financial Services, Japan, Kato Katsunobu held an U.S.-Japan Ministerial meeting with the Secretary of the U.S. Treasury, Scott Bessent in Banff, Canada. This meeting followed the previous meeting in April at Washington D.C.
The Minister stated that the series of the tariff measures by the United States are extremely regrettable and has serious concerns over its consistency with Japan-U.S. Trade Agreement, and strongly urged a reconsideration of the series of the tariff measures. The overview of the meeting is as follows.
2. On foreign exchange issues, they reaffirmed the points again, including that exchange rates should be market determined and that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.
3. In relation to the ongoing U.S.-Japan trade consultation, based on the existing shared understanding, they further deepened their discussions on foreign exchange practices. As in their previous meeting, they did not discuss foreign exchange levels.
4. They confirmed that they will continue to consult closely and constructively on a range of bilateral issues.